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    #1

    Excess Scholarship Funds

    Posted this question earlier today at the wrong location.

    Parents filing MFJ have two children ages 19 and 21. Both are students and
    received scholarship funds in excess of cost for tuition, required fees, books
    etc. Neither child has any other income and will not be filing tax returns.
    Does the excess scholarship funds become taxable to the parents?
    Tags: None
    #2
    No, the excess scholarship funds are taxable to the recipiant (the student). If the excess plus all other income is below the filing requirement, then there is no tax consequence.

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